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U.S. regulators fined Oppenheimer & Co. $20 million Tuesday for failing to aptly secure itself against money launderer - the third such monetary penalty paid by the firm since 2005.
The nation's largest nongovernmental regulator of securities is signaling it wants executing brokers to know their customers better, even when the clients come from larger firms.
A $1 million penalty for anti-money laundering failures against an Omaha, NE independent clearing firm ratchets up the pressure on similar operations and their introducing broker clients, say compliance professionals.
Plans by the U.S. securities market regulator to more strictly enforce regulations will result in a jump in anti-money laundering penalties both by the agency and its private sector partner.
The largest nongovernmental regulator of U.S. securities firms has expelled a Westlake Village, CA-based company for failing to implement anti-money laundering controls, the organization said Monday.
Stock fraud and associated money laundering involving penny stocks are on the rise, compliance experts say.
